Exclusive: The price of gold has skyrocketed to record highs and for small jewellery businesses like Larna Cooper and Julie Modica's, it's making it harder than ever to stay afloat.

In the five years they've been running Juju Gems Jewellery, a boutique store offering hand-crafted and bespoke pieces in Sydney's south, the cost of gold has doubled.

In the past, they tried to absorb those costs but with the price of gold breaking the $US4000 ($6071) barrier for the first time this week, that's become impossible.

"Jules and I have been in the industry for such a long time, we've been through global financial crises and all these ups and downs, but this is next level," Cooper told 9news.com.au.

"Every week we're checking and the gold price has jumped, and it's just adding a lot o

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